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    USD/CAD to establish a fresh 7-week high

    © Dukascopy Bank SA
    "USDCAD, like many other currencies, have been trendless recently and quite frankly, we think the market focus is elsewhere. Specifically, with the ECB meeting on December 3rd just around the corner (we expect more cuts and augmentation of QE), there is just not as much interest to trade USDCAD."  
    - TD Securities (based on FXStreet) 

    Pair's Outlook 
    The Greenback confirmed the up-trend by rebounding at the end of last week, breaching the tough resistance at 1.3328 and erasing all last week's losses. Even though the USD/CAD opened slightly lower than Friday's closing price today, the Buck is set for another surge. Immediate is at 1.3396, namely the weekly R1, a breach of which should trigger a rally towards the Sep high at 1.3456. Meanwhile, the monthly R1 and the weekly PP are providing support around 1.3325, preventing the US currency from falling lower. 

    Traders' Sentiment 
    Market sentiment remains bearish, now at 69% (previously 65%). The share of purchase orders added six percentage points from last Friday's figure. The commands now account for 53% of the market.
    © Dukascopy Bank SA

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